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2.3 Settlement Agent

Effective from Dec 27 2021 - Dec 26 2021
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13.Only National Banks having Participant status can be Settlement Agents.
 
14.Participants must follow SAMA New Banking Products and Services Guidelines before offering Saudi Arabian Riyal Interbank Express Clearing Service to Banks.
 
15.SAMA may define and impose risk exposure thresholds on case-by-case basis, which Settlement Agent has to monitor on a periodic basis.
 
16.Settlement Agents must notify SAMA its expectation at least on an annual basis to when it is likely to breach thresholds.
 
17.Participants, through its own current account with SAMA (as Indirect Participant will not maintain current account with SAMA) must be able to clear all types of SAR transactions on the behalf of their indirect participants without any encumbrance.
 
18.Participants must have ability and capacity to execute SAMA’s monetary operations (Overnight Repurchase Agreement (Repo), Overnight Reverse Repurchase Agreement (Reverse Repo), USD sales etc.) and SAMA’s open market operations (SAMA Bills and term Repo etc.) on the behalf of their indirect participants without any encumbrance.